Thermoplastic Polyester Elastomer Market Size
|Study Period:||2018 - 2028|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||Asia Pacific|
*Disclaimer: Major Players sorted in no particular order
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Thermoplastic Polyester Elastomer Market Analysis
The Global Thermoplastic Polyester Elastomer (TPE-E) Market size is expected to grow from 136,191.76 tons in 2023 to 168,747.48 tons by 2028, at a CAGR of 4.38% during the forecast period (2023-2028).
The market was negatively impacted by COVID-19 in 2020. The pandemic had a severe impact on the automotive industry, including manufacturing interruptions and disruption in the supply chain across the globe, thereby negatively affecting the market. However, the market recovered steadily, owing to the increased growth of the automotive industry in 2021.
- Over the short term, growing demand from the automotive industry, coupled with growing expenditure on healthcare and medical facilities, are major factors driving the growth of the market studied.
- However, the high cost of thermoplastic polyester elastomer is a key factor anticipated to restrain the growth of the target industry over the forecast period.
- Nevertheless, the emerging market for bio-based thermoplastic polyester elastomer is likely to create lucrative growth opportunities for the global market soon.
- Asia-Pacific is estimated to witness healthy growth over the assessment period in the studied market due to the high demand for thermoplastic polyester elastomer (TPE-E) in China, Japan, and other Southeast Asian countries owing to continuous and rising usage of TPEE in automotive production, coupled with the growing medical industry.
Thermoplastic Polyester Elastomer Industry Segmentation
Thermoplastic polyester elastomer (TPE-E) combines toughness, resilience, impact, creep and tear resistance, fatigue resistance, chemical resistance, and high and low-temperature performance. It can be processed by injection molding and extrusion methods. Typical applications include hose and tube, gaskets, animal tags, hose fittings, cables, trampoline fabric, furniture, automotive components, and specialty fibers. The thermoplastic polyester elastomer (TPE-E) market is segmented by type, end-user industries, and geography. By type, the market is segmented into injection molding grades, extrusion grades, and other types. By end-user industries, the market is segmented into automotive, healthcare, industrial, electrical and electronics, consumer goods, and other end-user industries. The report also covers the market size and forecasts for the thermoplastic polyester elastomer (TPE-E) market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (tons).
|Injection Molding Grade|
|Electrical and Electronics|
|Other End-user Industries|
Thermoplastic Polyester Elastomer Market Trends
This section covers the major market trends shaping the Thermoplastic Polyester Elastomer Market according to our research experts:
Increasing Usage in the Automotive Industry
- Thermoplastic polyester elastomers (TPE-E) are high-performance materials whose application in the automotive industry has rapidly increased. TPE-E utilization in the automotive sector extends from the exterior and interior parts to engine components. The high durability, light weight, and cost-effectiveness of TPE-Es make them extremely coveted by automotive materials manufacturers.
- TPE-Es serve the automotive industry in several applications, some of which include the manufacturing of high-quality automotive instrument panels, CVJ boots, wheel covers, air intake ducting, airbag deployment doors, dashboard components, pillar trim, door liners and handles, seat backs, and seat belt components, among others.
- TPE-Es offer high design flexibility by being resistant to abrasion and vibration and dyeable in any desired color. They are highly durable in harsh weather conditions; hence they are preferred for internal mechanisms such as car locks. These properties also support the demand for long-term heat-resistant materials in electric vehicle fabrication.
- The automotive industry is working on utilizing lightweight materials for various vehicle applications. Hence, the growing automotive industry globally is expected to boost the demand for TPE-Es.
- According to OICA, the global sales of all vehicles in 2021 acoounted for 80,154,988 units, registering a growth of 3% as compared to 12,452,453 units sold in 2020.
- Vehicle scrappage policies are being implemented in India and China to scrap outdated vehicles and minimize pollution. It plans to cover 51 lakh light motor vehicles older than 20 years and 34 lakh light motor vehicles older than 15 years. This program aims to reduce pollution by phasing out obsolete or inoperable vehicles that do not have a valid fitness certificate. This approach will raise market demand for new cars.
- The global EV sales reached 675 million units in the entire year of 2021, 108% more as compared to the EV sales in 2020. This volume includes passenger vehicles, light trucks, and light commercial vehicles. The BEVs stood for 71% of total EV sales, while the PHEVs stood at 29% in 2021.
- According to the IEA, in 2030, global electric vehicle sales are expected to reach 125 million, per the New Policies Scenario (excluding two/three-wheelers). In the [email protected] Scenario, in 2030, around 70% of vehicle sales in China are expected to be EVs. Also, as per the approximate sales value till now, EV sales in Europe was estimated at 50%, while it was 37% in Japan, 30% in Canada and the United States, and 29% in India.
- Therefore, owing to the above factors, the demand for TPE-E is expected to be impacted positively during the forecast period.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to dominate the market. In the region, China is the largest economy in terms of GDP. China is one of the fastest emerging economies and has become one of the biggest production houses in the world today. The country’s manufacturing sector is one of the primary contributors to the country’s economy.
- China is the largest manufacturer of automobiles in the world. The country’s automotive sector has been shaping up for product evolution, focusing on manufacturing products to ensure fuel economy while minimizing emissions, owing to the growing environmental concerns. In 2021, according to the OICA, the automotive production in the country reached 26.08 million, which increased by 3%, compared to 25.23 million vehicles produced in 2020, and is expected to grow up to 35 million vehicles by 2025. The increase in automotive production is estimated to drive the demand for thermoplastic polyester elastomers in the country from both EVs and IC engine vehicle manufacturing sectors.
- China has a well-established general industrial sector. According to the data published by China’s National Bureau of Statistics, the country's value-added industrial output went up 9.6% Year-on-Year in 2021. The country’s industrial output grew 4.3% Y-o-Y in December 2021 (a 0.42 % increase from November), thereby increasing the demand for thermoplastic polyester elastomers in the country.
- China has one of the world’s largest electronics production bases and offers tough competition to the existing upstream producers, such as South Korea, Singapore, and Taiwan. Electronic products, such as smartphones, OLED TVs, and tablets, have the highest growth rates in the consumer electronics segment of the market in terms of demand. Economic development in China and improving living standards among the population drive the demand for electronic goods.
- The continuous growth of income resulted in the rise in the population’s per capita disposable income, which is expected to benefit the demand for electronic goods in China. The expansion of the middle class and high-income population group is expected to propel the demand for electronics. According to the National Bureau of Statistics of China, the revenue in the consumer electronics and household appliances segment reached CNY 934.64 million (approx. USD 131.27 million) in 2021. The revenue is expected to show an annual growth rate of 2.04%, resulting in a projected market volume of USD 175,670 million by 2025.
- Further, in India, as per OICA, around 4,399,112 vehicles were produced in 2021, which increased by 30%, comparison to 3,381,819 units manufactured in 2020.
- Also, the healthcare sector in the country is expected to reach USD 372 billion by 2022, mainly driven by increasing health awareness, access to insurance, rising income, and diseases. The medical sector in India is benefiting from the growing population at a rate of 1.6 % per year.
- India has witnessed rapid growth in the industrial sector in recent years. The index of industrial production (IIP) in India increased from 111.7 in 2020-21 to 128.7 in the 2021-22 period. This growth is also supported by various government initiatives like the National Manufacturing Policy (which aims to increase the share of manufacturing in GDP to 25% by 2025) and the PLI scheme for manufacturing (which was launched in 2022), thereby increasing the demand for thermoplastic polyester elastomers in the country.
- According to the India Brand Equity Foundation (IBEF), the Indian electronics manufacturing industry is expected to reach USD 520 billion by 2025. Electrical and electronics production in India is expected to increase rapidly due to government initiatives with policies, such as Make in India, the National Policy of Electronics, Net Zero Imports in Electronics, and the Zero Defect Zero Effect. Such policies offer a commitment to growth in domestic manufacturing, lowering import dependence and energizing exports and manufacturing, like the “Make in India” program, to make the country self-reliant.
- Due to all such factors, the market for thermoplastic polyester elastomer in the region is expected to have a steady growth during the forecast period.
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Thermoplastic Polyester Elastomer Industry Overview
The global thermoplastic polyester elastomer (TPE-E) market is consolidated in nature, as the top listing companies hold a significant share of the global market. Global companies are significantly focusing on R&D, acquisitions, and collaborations to develop new technologies and to increase their market presence and foothold. The major manufacturers in the market studied include Dupont, Celanese Corporation, Koninklijke DSM N.V., LG Chem, and Toyobo Co., Ltd., among others.
Thermoplastic Polyester Elastomer Market Leaders
Koninklijke DSM N.V.
Toyobo Co., Ltd.
*Disclaimer: Major Players sorted in no particular order
Thermoplastic Polyester Elastomer Market News
- In July 2022, PolySource, a distributor of engineered resins, added SKYPEL to its product offerings by collaborating with SK Chemicals America Inc. Through this, both companies aim to tap into a larger market and new customers in the United States.
- In February 2022, Celanese Corporation announced the acquisition of the thermoplastics and elastomers unit under DuPont’s Mobility & Materials (M&M) business for USD 11.0 billion. This acquisition will expand the company’s thermoplastic polyester elastomers business and extend its reach in Asia.
Thermoplastic Polyester Elastomer Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Increasing Demand From the Automotive Industry
4.1.2 Growing Expenditure on Healthcare And Medical Facilities
4.2.1 High Cost of Thermoplastic Polyester Elastomer
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
5.1.1 Injection Molding Grade
5.1.2 Extrusion Grade
5.1.3 Other Types
5.2 End-user Industry
5.2.4 Electrical and Electronics
5.2.5 Consumer Goods
5.2.6 Other End-user Industries
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-pacific
5.3.2 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
5.3.4 South America
126.96.36.199 Rest of South America
5.3.5 Middle East & Africa
188.8.131.52 Saudi Arabia
184.108.40.206 South Africa
220.127.116.11 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Celanese Corporation
6.4.2 Chang Chun Group
6.4.4 Kolon Plastic Inc.
6.4.5 LG Chem
6.4.6 Mitsubishi Chemical Corporation
6.4.7 Radici Partecipazioni SpA
6.4.8 Sichuan Sunshine Plastics Co. Ltd
6.4.9 SK Chemicals
6.4.10 Toyobo Co. Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Emerging Market for Bio-based Thermoplastic Polyester Elastomer
Thermoplastic Polyester Elastomer Market Research FAQs
What is the study period of this market?
The Thermoplastic Polyester Elastomer (TPE-E) Market is studied from 2018 - 2028.
What is the growth rate of Thermoplastic Polyester Elastomer (TPE-E) Market?
The Thermoplastic Polyester Elastomer (TPE-E) Market is growing at a CAGR of 4.38% over the next 5 years.
What is Thermoplastic Polyester Elastomer (TPE-E) Market size?
The Thermoplastic Polyester Elastomer (TPE-E) Market is expected to reach 136,191.76 tons in 2023 and grow at a CAGR of 4.38% to reach 168747.48 tons by 2028.
Which region has highest growth rate in Thermoplastic Polyester Elastomer (TPE-E) Market?
Asia Pacific is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Thermoplastic Polyester Elastomer (TPE-E) Market?
Asia Pacific holds highest share in 2021.
Who are the key players in Thermoplastic Polyester Elastomer (TPE-E) Market?
Dupont, Celanese Corporation, Koninklijke DSM N.V., LG Chem, Toyobo Co., Ltd. are the major companies operating in Thermoplastic Polyester Elastomer (TPE-E) Market.
Thermoplastic Polyester Elastomer (TPE-E) Industry Report
Statistics for the 2023 Thermoplastic Polyester Elastomer (TPE-E) market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Thermoplastic Polyester Elastomer (TPE-E) analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.